Shares of Parker Drilling Co. (NYSE:PKD) have earned an average rating of “Hold” from the eight brokerages that are covering the stock. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $2.80.
Several equities research analysts have recently weighed in on the stock. DA Davidson assumed coverage on shares of Parker Drilling in a research report on Wednesday, October 5th. They issued a “buy” rating and a $3.50 target price for the company. Macquarie downgraded shares of Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 target price for the company. in a research report on Tuesday, August 9th. Nomura set a $4.00 target price on shares of Parker Drilling and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Seaport Global Securities reissued a “neutral” rating on shares of Parker Drilling in a research report on Friday, August 19th. Finally, Edward Jones raised shares of Parker Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, August 31st.
In other Parker Drilling news, Chairman Gary G. Rich acquired 80,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was acquired at an average price of $2.18 per share, with a total value of $174,400.00. Following the transaction, the chairman now directly owns 719,903 shares in the company, valued at $1,569,388.54. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 3.68% of the company’s stock.
Several large investors have recently made changes to their positions in PKD. Brigade Capital Management LP acquired a new stake in shares of Parker Drilling during the first quarter worth $4,388,000. Alambic Investment Management L.P. increased its stake in shares of Parker Drilling by 6.5% in the second quarter. Alambic Investment Management L.P. now owns 68,510 shares of the company’s stock worth $157,000 after buying an additional 4,200 shares in the last quarter. Brookfield Asset Management Inc. increased its stake in shares of Parker Drilling by 33.4% in the first quarter. Brookfield Asset Management Inc. now owns 2,534,925 shares of the company’s stock worth $5,374,000 after buying an additional 634,925 shares in the last quarter. Phoenix Investment Adviser LLC acquired a new stake in shares of Parker Drilling during the second quarter worth $105,000. Finally, Rothschild Asset Management Inc. increased its stake in shares of Parker Drilling by 5.7% in the second quarter. Rothschild Asset Management Inc. now owns 831,446 shares of the company’s stock worth $1,904,000 after buying an additional 45,084 shares in the last quarter. 64.37% of the stock is owned by institutional investors and hedge funds.
Shares of Parker Drilling (NYSE:PKD) opened at 2.29 on Wednesday. Parker Drilling has a 52-week low of $0.98 and a 52-week high of $3.57. The firm’s market capitalization is $284.19 million. The stock’s 50 day moving average is $2.17 and its 200-day moving average is $2.29.
Parker Drilling (NYSE:PKD) last released its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. The company earned $105.30 million during the quarter, compared to the consensus estimate of $105.80 million. Parker Drilling had a negative net margin of 39.42% and a negative return on equity of 18.78%. The company’s revenue was down 43.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) EPS. On average, equities analysts forecast that Parker Drilling will post ($1.32) earnings per share for the current fiscal year.
About Parker Drilling
Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S.
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